.jpg?width=1200&height=600&name=car%20finance%20top%20tips%20(2).jpg)
Industry: Travel & Tourism
Product: Asset Refinance Under CBILS
The Challenge: The family run coach operator has been in operation since 1968. Over the years, 50% of their revenue was occupied by school contracts, while the remainder was made up of excursions and private hire for events. In 2019, the company turned over approximately £150,000 per month. However, with the restrictions in place as a result of Covid-19, these figures plummeted to zero, more or less overnight. It was an extremely worrying and daunting time for the company having been severely impacted by the pandemic.
The Solution: The coach company had Asset Finance agreements with numerous funders prior to lockdown, servicing approximately £50,000 a month on finance. To help with the difficult time and sudden change, the coach providers were able to request a payment holiday, which was granted. However, this was not a long term solution for their recovery and there was no certainty as to when they may have to start repaying it again. After a thorough investigation and Charles & Dean’s pro-active approach, a settlement of all their agreements was arranged and refinanced the sum onto a CBILS asset finance deal.
Written by
Charles & DeanAt Charles & Dean, we offer finance solutions with a difference. Our focus is on you, providing a variety of competitive independent finance options that support both businesses and individuals in their own unique journey.
Table of contents
Apply for Finance
Let’s start with your name & email
Please provide your details to receive a personalised quote.
Subscribe
Get the latest insights and updates delivered to your inbox weekly.
